SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 6, 2005 (July 1, 2005)

Illini Corporation

(Exact name of registrant as specified in its charter)

Illinois

(State or other jurisdiction of incorporation)


0-13343		37-1135429

(Commission File Number)		(IRS Employer Identification No.)


3200 West Iles Avenue Springfield, Illinois		62707

(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (217) 787-5111

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


Item 1.01 Entry into a Material Definitive Agreement
Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Form of Supplemental Life Insurance Agreement

Item 1.01 Entry into a Material Definitive Agreement.

Effective July 1, 2005, Illini Corporation entered into a Supplemental Life Insurance Agreement for each of the Company’s President and Chief Executive Officer, Gaylon E. Martin, and the Company’s Chief Financial Officer, Dennis Guthrie. Both agreements provide for the payment of a benefit of $125,000 to the respective executive’s beneficiaries upon the death of the executive. The form of agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

	(c)		Exhibits:

	10.1		Form of Supplemental Life Insurance Agreement effective July 1, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ILLINI CORPORATION (Registrant)
	By:	/s/ Gaylon E. Martin
		Gaylon E. Martin, President and Chief
		Executive Officer

Dated: July 6, 2005

EXHIBIT INDEX


Number		Description
10.1		Form of Supplemental Life Insurance Agreement effective July 1, 2005.

Table of Contents

Table of Contents

Table of Contents

Table of Contents

ILLINI CORP 8-K